Joint Decision CVM/SPC No. 11 of November 6, 2007

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JOINT DECISION CVM/SPC NO. 11, OF NOVEMBER 6, 2007.
Establishes the admitted reference indices for charging performance fees regarding investment funds and investment funds in shares of multimarket investment funds included in the equity portfolio – other assets of the equity segment.

THE BOARD OF THE SECURITIES AND EXCHANGE COMMISSION – CVM AND THE SECRETARY OF COMPLEMENTARY PENSION – SPC OF THE MINISTRY OF SOCIAL PREVIDENCE, having regard to the provisions of Article 6 of CMN Resolution No. 3.456, of June 1, 2007, and Article 47, item II, of the attached regulation, resolve:

Article 1. Closed complementary pension entities must observe the provisions of this Joint Decision in the application of guaranteed resources of benefit plans in investment funds and investment funds in shares of multimarket investment funds, included in the equity portfolio – other assets of the equity segment, in accordance with Article 20, item VI, of the regulation attached to CMN Resolution No. 3.456, of June 1, 2007.

Article 2. In addition to those provided for in Article 47, item II, of CMN Resolution No. 3.456, of 2007, the admitted reference indices for the payment of performance fees for investment funds and investment funds in shares of investment funds, classified as multimarket, are:
I – the Hedge Fund Index - IHF;
II – the ANDIMA Market Index - IMA and its sub-indices; III – the reference rate of the Special Settlement and Custody System - SELIC; and IV – the DI-CETIP reference rate.

Article 3. Based on the reference index established for the payment of performance fees for investment funds and investment funds in shares of investment funds, classified as multimarket, the closed complementary pension entity must, observing the provisions of the caput of Article 47 of the regulation, pay attention to the following parameters:
I – the predominant risk factor of the investment fund or the investment fund in shares of investment funds, as defined in its investment policy; and II – the minimum actuarial rate of the benefit plan, in the case of a plan constituted in the defined benefit modality, or the reference yield index for investments, in the case of a plan constituted in other modalities.

Article 4. This Joint Decision enters into force on the date of its publication.

Signed original by
ELI LORIA
Acting President of the Securities and Exchange Commission

Signed original by
LEONARDO ANDRÉ PAIXÃO
Secretary of Complementary Pension